14th Dec 2020 10:37
(Alliance News) - GB Group PLC on Monday announced the acquisition of HooYu Investigate 2020 for GBP4 million in shares.
Investigate 2020 is part of online identity verification firm HooYu, and specialises in automating fraud investigations. GB Group will purchase the HooYu subsidiary through the issue of 446,784 shares in the the identity management, location intelligence and fraud prevention company.
The acquisition of Investigate 2020 is expects to extend GB Group's market reach in the UK, and allows the group's Connexus product to accelerate revenue growth.
"By joining forces with HooYu Investigate, GBG will create a scalable platform for growth, providing customers with a critical service to fight ever more sophisticated financial crime and reduce organisational risk in the UK. HooYu Investigate has built an exceptional product that will complement our existing business and I very much look forward to the potential offered by bringing the two development teams together," said Chief Executive Officer Chris Clark.
Following the share issue, GB Group will have 195.9 million shares issued overall.
Shares in GB Group were down 1.4% at 874.00 pence on Monday on London.
By Dayo Laniyan; [email protected]
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